Office

Podolsky Circle Arranges $3.5M Sale of Office Building in Naperville, Illinois

by Kristin Harlow December 14, 2017

NAPERVILLE, ILL. — Podolsky Circle has arranged the sale of 1755 Park Street in Naperville for $3.5 million. The 37,668-square-foot office building is currently 94 percent leased to a mix of local and regional tenants including a therapy practice, an executive suites operation, an IT consulting firm and a regional bank office. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, CP Highalnds Fund LP. The company purchased the property in 2013 and began a capital improvement plan to update the property’s automation systems, common areas, building signage as well as tenant spaces. The improvements also included the addition of electric vehicle charging stations. Podolsky Circle Construction completed the improvements. Tony Russo of Cawley Chicago represented the buyer, a private investor.

December 14, 2017

California Office Western

Brookfield Buys 411,544 SF Office Property in San Jose

by Nellie Day December 13, 2017

SAN JOSE, CALIF. — Brookfield has acquired Towers @ 2nd, a 411,544-square-foot office property in San Jose, for an undisclosed sum. The property is located at 75 E. Santa Clara St. and 4 N. Second St. Towers @ 2nd includes a 13-story office tower and 14-story office tower situated adjacent to a Valley Transportation Authority (VTA) light rail stop. The towers feature 14,500- and 17,500-square-foot floor plates, respectively. The sellers, a joint venture between Harvest Properties and Invesco Real Estate, have completed 150,000 square feet of new and renewal leases since 2015. This includes a 73,000-square-foot, 15-year lease with WeWork, which marked the co-working company’s first Silicon Valley location. The JV also carried out an $11.1 million asset repositioning and renovation prior to the sale. The improvements include a fitness center and locker room with private showers, bike lab, arcade lounge, training and conference center, and a VIP lounge connected to an exclusive outdoor plaza with built-in seating and lighting. CBRE’s Russell Ingrum, Joe Moriarty, Scott Prosser and Tyler Meyerdirk represented the seller in this transaction.

December 13, 2017

California Loans Office Western

Brickman Obtains $35M Acquisition Loan for 115,186 SF Office Building in Oakland

by Nellie Day December 13, 2017

OAKLAND, CALIF. — Brickman has obtained a $35 million loan to acquire Plaza 360, a 115,186-square-foot creative office building in Oakland. The asset is located at 360 22nd St. in the Uptown District. The five-year, non-recourse, floating-rate loan includes a portion of the undisbursed funds for common-area upgrades and tenant improvements. CIT Group and HFF secured the loan through CIT.

December 13, 2017

Loans Office Texas

Square Mile Originates $118M Loan for 1.7 MSF Office Tower in Downtown Dallas

by Taylor Williams December 13, 2017

DALLAS — Square Mile Capital Management LLC has originated a $118 million loan for Renaissance Tower, a 56-story office tower comprising more than 1.7 million square feet of space in downtown Dallas. The loan, a portion of which was sold to Bank of the Ozarks, will be used to repay existing CMBS debt and bridge the property through stabilization. The borrower was a joint venture between two New York-based firms: SMA Equities and The Moinian Group. Whitaker Johnson and Steve Heldenfels of HFF arranged the financing.

December 13, 2017

Georgia Office Southeast

APG Acquires Office Park in Atlanta’s Cumberland/Galleria Submarket for $22.3M

by Camren Skelton December 13, 2017

ATLANTA — Atlanta Property Group (APG) has acquired Shadowood Office Park, a 200,000-square-foot, three-building office park located at 2100 Powers Ferry Road in Atlanta’s Cumberland/Galleria submarket. The Atlanta Business Chronicle reports The Ardent Cos. sold the asset to APG for $22.3 million. Kevin Markwordt of Transwestern arranged the transaction on behalf of the seller. The four-story buildings feature nine-foot ceilings, floor-to-ceiling windows and a 3.5 per 1,000 square foot parking ratio. In addition, the property is less than two miles from The Battery mixed-use destination and SunTrust Park, home of the Atlanta Braves. At the time of sale, Shadowood Office Park was 78 percent leased. APG plans to renovate the property during its first year of ownership.

December 13, 2017

Illinois Midwest Office

Sam Zell Plans to Sell Groupon Headquarters in Chicago for $500M

by Kristin Harlow December 13, 2017

CHICAGO — Sam Zell’s Equity Commonwealth plans to sell Groupon’s headquarters, located at 600 W. Chicago Ave., for $500 million, according to local media reports. Sterling Bay is expected to acquire the 1.6 million-square-foot building, which formerly served as a Montgomery Ward catalog warehouse. Equity Commonwealth purchased the asset in 2011 for $390 million. This deal would mark the billionaire’s exit from the Chicago office market. By narrowing its portfolio to just 20 assets, Equity Commonwealth has accumulated approximately $2 billion in cash since Zell took over as chairman in 2014.

December 13, 2017

Midwest Office Wisconsin

CBRE Arranges $4.5M Sale of Office Complex Near Milwaukee

by Kristin Harlow December 13, 2017

GLENDALE, WIS. — CBRE Capital Markets has arranged the sale of the Barnabas Business Center in Glendale, about 10 miles north of Milwaukee, for $4.5 million. Constructed in 1920 and formerly home to Eline’s Chocolate Co., the office complex spans four buildings totaling 114,682 square feet. The property is situated on a 9.5-acre campus at 4650 N. Port Washington Road. Patrick Gallagher, Peter Langhoff and Max Schultz of CBRE represented the seller, Barnabas Building Properties LLC. The buyer was not disclosed.

December 13, 2017

Northeast Office

Omnicom Group Extends 200,000 SF Office at 200 Varick Street in New York City

by Amy Works December 12, 2017

NEW YORK CITY — Omnicom Group has signed a 10-year lease extension for its 200,000-square-foot space at 200 Varick St. in the Hudson Square neighborhood of New York City. Constructed in 1926, the 12-story building features 410,000 square feet of space, with Omnicom occupying seven floors of the property. Jeffrey Gural, Eric Gural and Donna Vogel provided in-house representation for the landlord, GFP Real Estate, while Lee Feld of Feld Real Estate LLC represented the tenant in the lease transaction.

December 12, 2017

Arizona Office Western

Transwestern, JDM Complete 2 MSF Office Sale-Leaseback with State Farm in Tempe

by Nellie Day December 12, 2017

TEMPE, ARIZ. — A joint venture between Transwestern Investment Group (TIG) and JDM Partners has acquired a 2 million-square-foot office property in Tempe in a sale-leaseback with State Farm Automobile Insurance. The Class A campus, called Marina Heights, is located at 300-600 Rio Salado Parkway. The price was not disclosed. The five-building campus includes ground-floor retail, restaurants and other amenities. It is situated between Arizona State University and Tempe Town Lake. Marina Heights will be a future stop for the Tempe Streetcar, directly connecting the campus to the airport, downtown and central Phoenix, as well as west Mesa via the Valley Metro Light Rail. A wholly owned subsidiary of TIG will manage the investments. Transwestern will also provide management services. The firm’s legal adviser was King & Spalding, while Eastdil Secured was the debt capital adviser.

December 12, 2017

Illinois Midwest Office

Balfour Pacific, Hamilton Partners Acquire Office Campus in Suburban Chicago for $78.3M

by Kristin Harlow December 12, 2017

ITASCA, ILL. — A partnership between a private equity real estate fund of Balfour Pacific Capital Inc. and Hamilton Partners has acquired One Pierce Place and 500 Park Boulevard in Itasca for $78.3 million. The two buildings span 976,000 square feet within the Hamilton Lakes Business Park. Amenities include an athletic club, restaurant and deli, conference facilities and direct access to the adjacent Westin Hotel. Renovated in 2012, One Pierce Place is 91 percent leased by tenants such as Houghton Mifflin Harcort and Epsilon. Renovated in 2015, 500 Park Boulevard is 94 percent leased by tenants such as Keyence Corp., The Boler Co. and Hitachi. Bryan Rosenberg and Patrick Shields, Mark Katz, Jeff Bramson and Jaime Fink of HFF represented the seller, a partnership between Long Wharf Capital LLC and Hamilton Partners.

December 12, 2017

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